Bitcoin SV, which stands for Bitcoin Satoshi Vision, is the latest bitcoin offshoot to come to existence at the end of last year.
This article explores the origins of this new coin, as well as the opportunities and risks that this digital currency holds for investors.
What Is BSV?
Bitcoin SV (BSV) is a new altcoin that came into being as a result of a contentious hard fork of the Bitcoin Cash blockchain. When BCH lead developer Amaury Sechet published a paper detailing the planned updates for BCH codebase in mid-2018, some members of the digital currency’s community were unhappy with a certain feature included in the suggested upgrade.
The pre-consensus feature was designed to help the network settle transactions quickly and was thus seen as a small solution toward Bitcoin Cash’s scaling challenges. However, some factions of the BCH community believed the feature would favor large mining groups. The fact that the upgrade was supported heavily by mining giant Bitmain seemed to fan the flames of this belief.
As a result, the BCH community split into two as the planned November 15 date approached. The two main factions were Bitcoin ABC and Bitcoin SV. Bitcoin ABC was supported by Bitmain, Bitcoin.com, and much of the developer base at Bitcoin Cash, while the Bitcoin SV camp was led by self-proclaimed Satoshi Nakamoto Craig Wright as well as Clavin Ayre-led CoinGeek.
Craig Wright and his camp were of the opinion that the proposed update was too much of a deviation from the original design of Bitcoin’s creator Satoshi Nakamoto. The scenario is reminiscent of the events that led to the creation of Bitcoin Cash itself. Bitcoin Cash frontman Roger Ver, together with his team, forked from the original Bitcoin blockchain over claims that the network was no longer the cryptocurrency that the pseudonymous creator Nakamoto had envisioned.
Ironically, these same claims led to the BSV camp creating their own blockchain when the November 15th date came. The event had significant effects on the greater cryptocurrency community as the two opposing camps worked to gain control of a greater percentage of hashrate to establish themselves as the “real Bitcoin Cash”. The switching of hash power from the Bitcoin network affected the price of bitcoin and simultaneously the entire digital asset market.
The Aftermath
In the days preceding the November 15 date, a number of cryptocurrency exchanges temporarily stopped the trade of BCH on their platforms. The reasoning for this move was to protect themselves and their customers from any fall back that would happen as a result of the hard fork.
Utilizing a wait-and-see approach was important for the exchanges so that when they did resume trading of BCH, they would be providing support for the camp that had eventually ‘won.’
The Bitcoin ABC camp won the so-called “hash war” and is the Bitcoin Cash that is in use today.
Should You Invest in Bitcoin SV?
Bitcoin SV is currently in the top ten digital currencies measured by market capitalization with a value of around $1.17 billion. However, leading digital asset exchanges Kraken has issued a warning to its users, calling BSV a risky investment.
The new forked coin has little community support and is focused around controversial figure Craig S. Wright. Moreover, it is effectively being financially supported by only two entities, nChain and Coingeek, and its mining operations have been mining at a loss.
If the team behind BSV does not manage to attract a user base, build BSV applications, and gain a degree of adoption as a digital currency in the near future, then BSV will likely go the same way as the majority of bitcoin forks and end up becoming worthless. Currently, everything seems to point in that direction.
Hence, as a risk-averse investor who is looking to build a diversified portfolio of digital assets, it is probably best to avoid this new digital currency. Even for risk-loving investors who enjoy a gamble on a new coin, BSV should only make up a tiny percentage of the overall portfolio, as it can only be classified as a high-risk investment.
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Topic: Why I Should Invest In Bitcoin SV (Read 18721 times)